After a ‘lucky’ poker game in which he went ‘all in,’ a McDonald’s worker became a billionaire.
Changpeng Zhao was taught about Crypto currencies while sitting at the poker table and decided to go all in.
He now has a net worth of £75 billion.
A man who went from working at McDonald’s to being worth nearly £75 billion claims that a game of poker was the catalyst for his meteoric rise to wealth.
Changpeng Zhao, 44, whose family was expelled from China and relocated to Canada when he was 12, worked as a teenager flipping burgers and working overnight shifts at a gas station to help his parents make ends meet.
He got a job at the Tokyo Stock Exchange after studying computer science at university and then started his own business developing trading software systems for brokers.
CZ, as he is known among his friends, was at a poker table with two cryptocurrency experts in 2013 and mined them for all the information he could about the new financial phenomenon.
He then decided to go “all-in” and devote his life to cryptocurrency, even selling his Shanghai apartment to purchase Bitcoins.
Soon after, their value plummeted from £442 to £147, but he refused to sell and instead founded Binance, a cryptocurrency exchange.
It has now surpassed eBay as the most popular trading platform on the planet.
Despite his estimated personal wealth of £75 billion, observers claim Mr Zhao lives quietly, with no supercars, yachts, or expensive watches.
“I don’t care about wealth, money, or rankings,” he said in an interview with Bloomberg.
Not every card turn has resulted in a successful outcome.
As governments try to crack down on cryptocurrencies, Binance has been banned from operating in a number of countries, including the United States and the United Kingdom.
Binance is “working with regulators around the world and we take our compliance obligations very seriously,” according to a spokesperson.
And, despite having a net worth of £75 billion, according to Bloomberg’s Billionaire’s Index, that figure does not include his personal Bitcoin and other currency holdings.
“Crypto is still in its growth stage,” Binance stated.
Higher levels of volatility make it vulnerable.
Any number you hear one day will be different than the next.”
Despite his meteoric rise to fame, CZ still has a long way to go before he can be considered one of the world’s most powerful players.
Elon Musk, the Amazon founder, is ranked first in the Bloomberg Index, with a net worth of £194 billion.
The news is summarized by Brinkwire.